Home Owners Insurance And Property Taxes

State Limits City's Tax Levy Increase to Less Than 1 Percent

Brookfield Mayor Steven Ponto presented a $63.8 million budget for 2012 on Thursday, with a 1.8 percent increase in general fund spending and a 0.92 percent increase in the total property taxes collected for city government.

The tax levy increase is just under the state allowable levy limit of 1 percent based on new city construction and growth. The tax rate would increase by 5 cents per $1,000 in assessed value.

Ponto acknowledged the economic challenges the city faced for 2012 but described the budget as continuing “the City’s long-standing tradition of balancing financial responsibility, with providing premier quality public services for our citizens.

The mayor's budget was introduced during a special Finance Committee meeting Thursday at which aldermen reviewed the detailed budgets for the mayor, Common Council, library, information technology and police departments.

Brookfield faces a number of fiscal challenges in 2012.The state reduced by nearly $ 280,000 in revenue sharing and using transport from 2011 levels as part of repairing the state budget deficit. Plus, the new law puts stricter limits on property tax increases, or freeze them whole or by limiting increases in the rate of new construction in a community.

The City is limited use of the governor of Scott Walker "tools" of employee contributions required for health care and pension contributions. Brookfield does not participate in health of the state, instead of providing self-funded insurance for employees. City employees have been contributing toward their insurance premiums at a rate roughly equal or higher than the state’s new 12.6 percent minimum.

Non-represented employees in August began making the 5.8 percent contribution to their state pension and will continue to do so in 2012. Ponto said the total annual pension contribution for those non-represented employees is approximately $300,000. Unionized employees — except firefighters — remain under contracts through 2012, so the City would see savings in budget year 2013.

Last Minute Homeowner Tax Tips from Quicken Loans | plan ...

April 13, 2006

Each year more than two million people overpay their income taxes because they miss simple deductions. Some of the most commonly overlooked tax deductions are those that Uncle Sam provides homeowners. Here are several examples of tax deductions you may be eligible for if you are a homeowner:

Mortgage interest is the most obvious deduction.

?Your primary residence qualifies unless:

The mortgage balance exceeds $ 1 million. Interest on a home equity loan may also be tax-deductible, but the deductible amount is generally limited to the interest paid on your loan up to $ 100,000.

Property/real estate taxes. These taxes are annual taxes based on the assessed value of your home. Check your mortgage interest statement. It may list the amount of real estate taxes you paid if your taxes and homeowners insurance were placed in an escrow account. If real estate taxes aren?t included, review your cancelled checks to determine the total real estate tax deduction.

Points paid on a mortgage if:

The home loan is for your primary residence and it was used to buy, improve or build the home; The cash you put into your home purchase is at least equal to the points charged.

Additionally, if you refinanced in 2005, you may be able to write off some of the points you paid. Points are deducted proportionately over the life of the new loan. For example, on a 30-year loan, this year and each year thereafter, you can deduct 1/30th of the points paid. However, if you refinanced in 2001, for example, and paid points, you could have deducted 1/30th of those points in each of the 2001-2004 tax years. If you refinanced again in 2005, the remaining points from the 2001 refinance (points not yet deducted) can now be deducted in full since that loan has been paid off.)

Visit Quicken Loans for more homeowner tax tips and a wealth of useful information about home buying and selling, or using your home equity to make home improvements.

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